Comparative Analysis Of IPO Underpricing Before And After The 2008 Global Financial Crisis
R. Aditya Kristamtomo Putra, Nanu Hasanuh, Nugraha

Universitas Pendidikan Indonesia
Universitas Singaperbangsa Karawang

Abstract

This study aims to determine whether there are differences in the termination of IPO Underpricing factors prior to the global financial crisis (2000-2007) and after the global financial crisis (2008-2017) in shares of companies going public on the Indonesia Stock Exchange period 2000-2017. The tests were conducted using comparative test methods (paired sample t test). Then, regression test to understand how differences in the determination of IPO Underpricing factors before and after the global financial crisis by analyzing the factors that influence the occurrence of IPO underpricing before and after the crisis. The results of different tests indicate that there are significant differences in the value of Underpricing IPO in the period before and after the global financial crisis. The average Underpricing of IPOs declined after the crisis. Based on the results of the t test, factors that significantly influence the level of Underpricing IPO before the crisis (2000-2007) are company size, EPS, market capitalization and company age. While the factors that significantly influence the level of Underpricing IPO in the aftermath of the crisis (2008-2017) are company size, ROA, offering size/stock percentage, market capitalization and company age. Based on the results of the F test, the factor of company size, EPS, ROA, DER, underwriter reputation, percentage of supply, market capitalization and age of the company simultaneously affect IPO underpricing on shares of companies going public on the Indonesia Stock Exchange period 2000-2017.

Keywords: Underpricing IPO, Companies go public on the Indonesia Stock Exchange, Global financial crisis

Topic: Financial Management and Accounting

Link: https://ifory.id/abstract-plain/WFHXBbTNAU6j

Web Format | Corresponding Author (R. Aditya Kristamtomo Putra)